Taxable Income

Tax Glossary Definition

Taxable Income

The segment of an individual’s total earnings that becomes subject to income tax after accounting for all permitted deductions, exemptions, and rebates as defined in the Income Tax Act.

Example: If your salary is ₹12 lakh and you claim a standard deduction of ₹50,000, your taxable income will be ₹11.5 lakh.

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